5 Best Gold Stocks Under $5

4. New Found Gold Corp (NYSEAMERICAN:NFGC)

Share Price: $1.96

Stock Upside Potential: 113.89%

Number of Hedge Fund Holders: 13

New Found Gold Corp (NYSEAMERICAN:NFGC) is one of the best gold stocks under $5. On May 12, New Found Gold Corp (NYSEAMERICAN:NFGC) delivered solid first-quarter results, reporting net revenue of C$9.9 million, an improvement from zero revenue in the same quarter last year.

Amid robust revenue growth, the company posted a net loss from operations of C$17.9 million, compared with C$9.4 million in the same quarter last year. Total net loss also widened to C$19.1 million or C$0.08 a share compared to C$8.93 million or C$0.04 a share.

On the other hand, New Found Gold has confirmed continuity of the AFZ Core and intersected new mineralization at depth at its flagship Queensway Gold project. The open-pit infill results continue to affirm the continuity of gold mineralization in the block model and mine plan.

Similarly, the company has closed a bought deal financing for gross proceeds of $115 million. It plans to use net proceeds from the offering to advance the 100% owned Queensway Gold Project and for general corporate and working capital purposes.

New Found Gold Corp (NYSEAMERICAN:NFGC) is a Canadian mineral exploration and mining company focused on discovering, evaluating, and advancing gold deposits. It is transitioning from an early-stage exploration company into an emerging gold producer, with a targeted first production milestone.